UK confirms £557m for future renewable energy auctions

The UK Government has announced funding worth up to £557 million for renewable energy auctions, with the next one planned for spring 2019. It will be made available to less […]

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By Priyanka Shrestha

The UK Government has announced funding worth up to £557 million for renewable energy auctions, with the next one planned for spring 2019.

It will be made available to less established technologies, including offshore wind, anaerobic digestion, biomass with combined heat and power as well as wave, tidal and geothermal.

The latest Contracts for Difference (CfD) auction saw the cost of new offshore wind fall by 50% compared to the first auction held in 2015 – and resulted in more than 3GW of new generation which could power 3.6 million homes.

Energy Minister Richard Harrington said the announcement is part of the government’s Clean Growth Strategy, which will be published this week.

Mr Harrington added: “The government’s Clean Growth Strategy will set out how the whole of the UK can benefit from the global move to a low carbon economy.

“We’ve shown beyond doubt that renewable energy projects are an effective way to cut our emissions, while creating thousands of good jobs and attracting billions of pounds worth of investment.”